Transit. Hi! We are from the Philippines.

You can stop in Beijing for up to 24 hours. 5 hours isn't really enough to leave the airport.

In the 24 hours, Can we go outside the airport and meet some of my friends? Without visa

it's up to the immigration officer, since your country is not eligible for more than 24 hours, its a chance they will make you stay in airport on short transit. Unless your friends and family are going to meet you at the airport you are not going to have enough time. If you miss your flight you will likely get in trouble for overstay.

Its at least 1 hour to get the TWOV stamp in your passport and clear immigration. You then need to be back at the airport 2+ hours before departure. That leave up to 2 hours. It is at least hour to city and back. So you have no time to even eat.

Ahhh okay. But if we apply for Chinese visa, can we submit an invitation letter from our friends? Or do we still need to submit a bank statement, tickets, and hotel info? Thank you so much for the reply.

If so, I think you need to submit a bank statement, tickets, and hotel info. If you have the invitation letter from your friends, you don't have to provide round trip air tickets and hotel reservation for the application.